Photo: Flickr Ashtynn Renee
Deutsche Bank’s exposure to Las Vegas casinos has reached $4.9 billion, almost as much as its exposure to the eurozone crisis, according to the Financial Times.The bank has become one of the biggest creditors and investors in the embattled U.S. gambling scene.
Deutsche Bank’s beaten-down portfolio includes a $3.9 billion credit facility with the Vegas casino it owns, the Cosmopolitan casino, which Deutsche built when the developer defaulted on its loans.
Deutsche also holds $1 billion debt and 25% equity in Station Casinos, a Las Vegas casino operator, according to the FT.
Meanwhile, Deutsche has $5.1 billion exposure to Greece, Italy, Ireland Spain and Portugal, which are all involved in the ongoing sovereign debt crisis, the report said.